REAL ESTATE-

SODIC to develop new North Coast project: Real estate developer SODIC has entered into a revenue-sharing partnership with local investment firm Al Safy Group that will see it develop a 440-feddan land plot on the North Coast, it said in an EGX disclosure (pdf) yesterday. Under the agreement, SODIC will take 73% of the revenues from the planned residential-tourist project and Safy will receive the remaining 27%. The project is expected to generate around EGP 80 bn of sales over a period of 11 years, according to a separate disclosure (pdf). The land plot is situated 1 km from SODIC’s Caesar project.

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